Employees Provident Fund constructing 680-MW hydropower project

KATHMANDU, May 21: The government has granted approval to the Employees Provident Fund for the construction of 680-MW Karnali Hydropower Project on its funding. The Energy Ministry granted approval to the EBF today to take ahead the construction of the project. Energy Ministry Secretary Anup Kumar Upadhyay handed over a permission letter to Fund Administrator Krishna Prasad Acharya for the production survey of 'Betan Karnali Depositors Hydropower Limited'. Preparation is beign made to complete the survey works in first two years and undertake construction within five years. This is so the far the first largest hydropower project on the funding of EPF after government-funded Upper Tamakoshi Hydro. The EPF would invest Rs 1.29 billion from its income of fiscal year 2015-16 in the first phase of the project. The average investment of the project would be Rs 80 billion. Around 40 per cent share of the total investment would be offered to the depositors of EPF in the project. RSS